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US President: We're like the piggy bank that everybody is robbing

Coming down heavily on countries over import tariffs during the G7 summit in Canada, the US President threatened to stop trading with those countries that have imposed import tariff and been unfair to US  and he said at a press conference before leaving the two-day summit in Quebec: "We're like the piggy bank that everybody is robbing,"

 "This isn't just G7. I mean, we have India, where some of the tariffs are 100 per cent. A hundred per cent. And we charge nothing. We can't do that," Trump, who left the G7 summit on a sour note, said. He further threatened to stop doing trade with countries "who are being unfair" to the US.

"We're like the piggy bank that everybody is robbing," the US President said at a press conference before exiting from the two-day summit in Quebec.

"Can't do that. We are talking to many countries, we are talking to all countries. And it's going to stop. Or we'll stop trading with them. And that's a very profitable answer..." he added.

Earlier this year, Trump had criticised India over import duty on the iconic Harley-Davidson motorcycles and had threatened to increase the import tariff on "thousands and thousands" of Indian motorcycles to the US.

Trump had said that the decision of the Indian government to reduce the tariff from 75 per cent to 50 per cent was not enough and asked that it should be reciprocal, as the US imposes "zero tax" on the import of motorcycles.

The US president had also referred to a conversation he had with Prime Minister Narendra Modi in this regard and called him a "beautiful man".

"And a great gentleman called me from India and he said, we have just reduced the tariff on motorcycles, reduced it down to 50 per cent from 75, and even 100 per cent," he said.

Trump also pitched for a "reciprocal tax" on countries that he said "abuse" their trade relationships with the US.

"So I say we should have reciprocal taxes for a case like that. Iím not blaming India. I think it's great that they can get away with it. I don t know why people allowed them to get away with it. But thereís an example thatís very unfair. And I think we should have a reciprocal tax," the US president said.

Mr Trump has floated the idea of a reciprocal tax in the past, promising to slap it on countries, including allies, that take advantage of the United States and its huge market.

"That's called fair trade. It's called free trade. Because ultimately, what's going to happen -- either we'll collect the same that they're collecting, or, probably, what happens is they'll end up not charging a tax and we won't have a tax. And that becomes free trade," Mr Trump said.

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